Question

In: Economics

3. Describe how Airbnb has affected the economy and the cultural values both positively and negatively....

3. Describe how Airbnb has affected the economy and the cultural values both positively and negatively. 4. Describe the impact of the COVID pandemic on the Airbnb business, what recommendations would you give for its future growth post COVID.

Solutions

Expert Solution

  • 3-The largest and best-documented potential benefit of Airbnb expansion is the increased supply of travel accommodations, which could benefit travelers by making travel more affordable. There is evidence that Airbnb increases the supply of short-term travel accommodations and slightly lowers prices.
  • The Airbnb Effect: Cheaper Rooms For Travelers, Less Revenue For Hotels. Airbnb is revolutionizing the lodging market by keeping hotel rates in check and making additional rooms available in the country's hottest travel spots during peak periods when hotel rooms often sell out and rates skyrocket, a new study shows.
  • values include “champion the mission, be a host, simplify, every frame matters, be a 'cereal' entrepreneur, and embrace the adventure.” They form the fundamental elements that drive the operations of the firm and ensure everyone remains in the right direction.

4-

  • 47% of hosts don't feel safe renting to guests while 70% of guests are fearful to stay at an Airbnb.
  • 64% of guests either have cancelled or plan to cancel an Airbnb booking since the pandemic started.
  • Airbnb hosts expect a 44% decrease in revenue June-August. Hosts have dropped their daily rates as much as $90 on average.
  • 45% of hosts won't be able to sustain operating costs if the pandemic lasts another 6 months
  • On average, hosts have lost $4,036 since Covid-19 began to spread in the US.

Rahul Sunny answered 1 year ago
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